Texas Real Estate Principles 1 Exam Questions with Correct Answers

Trec Commision Membership Correct Answer 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Borker Lawyer Committee Correct Answer 13 Members (6 brokers, 6 lawyers, 1 public) General Eligibility Requirements to be Licensed by TREC Correct Answer 18 years old a US citizen or lawfully admitted alien resident of the state A certificate is required seperate of the license when Correct Answer buying, selling or leasing an easement pertaining to telecommunicaton, utility, railroad or pipeline services. Payments into Trust Account Correct Answer ensures the availibility of a sufficient amount to pay on anticipated claims on the trust account A commission may suspend or revoke a license for Correct Answer acting negligently or incompetently, comingling money and soliciting or selling offers for the sale of real estate by means of a lottery An appeal can be made on a decision by the commission Correct Answer it must be taken to the district court in the county where the administrative hearing was held. When dealing with a client it is mandatory to give them Correct Answer A copy of the "Information about brokerage services" form The three Canons for professional ethics and conduct for Real Estate Licensees Correct Answer Fidelity, Integrity, Competency Under what circumstances can a person be called a "Realtor?" Correct Answer That agent has to join the "NAR" National Association of Realtors to be called a "Realtor" What was the Fair Housing Laws or Civil Rights Act of 1866 Correct Answer FEDERAL LAW that where the only protected class was Race. No one can discriminate because of RACE. Civil Rights Act of 1968 Correct Answer Amended the Civil Rights Act of 1866 to include race, color, national origin, religion, Civil Rights Act of 1974 Correct Answer Amended to include Sex (Male or Female)